BlackRock Real Assets has completed the first close for BlackRock Europe Property Fund V, with $780m (£632.8m) in commitments.
In total, 24 public and private pension plans, sovereign wealth funds, financial institutions, insurance companies, endowments and family offices from North and South America, Europe, the Middle East and Asia Pacific contributed.
The funds raised are in excess of 50% of the fund’s total objective. EFV is targeting a total of US $1.4bn in commitments.
EFV’s value-added strategy will largely be a continuation of the strategy implemented by its predecessor fund, Europe Property Fund IV.
Thomas Mueller, managing director at BlackRock Real Assets and portfolio manager for the fund, said: “The high level of interest for EFV is a result of the strong performance of EFIV. Our value-add strategies’ success is predicated on a principle-based approach and strong off-market sourcing capabilities.
“We actively seek submarkets that are undergoing permanent structural change, predominantly in Germany, France, the Nordics, Ireland and Spain, as well as selectively in the UK.”
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